The Export-Import Bank of the United States (Ex-Im Bank) has approved a $780,000, 10-year loan to be made by UPS Capital Business Credit to finance the export of photovoltaic solar modules from Suniva Inc. in Norcross, Ga., to a 500 kW rooftop solar power project by Grupo Metal Intra SAPI de CV (GMI).
GMI operates in Mexico's prefabricated-building industry. The transaction is being made possible by utilizing medium-term buyer financing that is available to support smaller-scale renewable energy projects in Mexico and in most other countries, the Ex-Im Bank explains.
Another GMI company, Intragreen Tecnologia Sustenable SAPI de CV, will integrate the solar project and act as the provider of local services, including installation and connection to the grid. Ex-Im Bank's medium-term guarantee will also support approximately $130,000 of related local costs.
The 500 kW rooftop solar power project will be placed on the roof of GMI's main production plant in the city of Queretaro.
Since 2007, Suniva has used Ex-Im Bank's buyer financing and working capital guarantees to support its exports to global markets that include Europe, India, Mexico and other countries in Latin America. Ex-Im's financing has helped to sustain 190 jobs at Suniva's manufacturing facility, according to the bank.